Economics

Demand Forecasting is also known as ________Forecasting

• Sales
• Production
• Quantity

Demand Function explain relationship between demand for Commodity and its___________.

• Determinants
• Elasticity
• Only Price
• Elements

A benefit, profit, or value of something that must be given up to acquire or achieve something else.

• Opportunity Cost
• Comparative Advantage
• Specialization
• Production

Scarcity refers to

• A state of being unlimited
• A reality of limited resources
• A reality of limited wants and needs
• A natural truth

Costs that are DIFFICULT TO ALLOCATE to a specific output or work activity

• Marginal cost
• Average cost
• Direct cost
• Indirect cost

First Economist who introduced basic idea of International Economics

• Adam Smith
• David Ricardo
• Hume
• J M Keynes

Scarcity is a condition that exists when

• there is a fixed supply of resources relative to the demand for the product.
• there is a large demand for a product.
• resources are not able to meet the entire demand for a product.
• All of the above

Based on the concept of EQUIVALENT WORTH OF ALL CASH FLOWS RELATIVE to some base or beginning point in time called the PRESENT.

• Present Worth (PW) method
• Capitalized-Worth (CW) method
• Net Present Value (NPV)
• Future Worth (FW) method
• Annual Worth (AW) Method

The most important function in managerial economics

• Application of theory and concept
• Decision making
• Data gathering
• Economic Analyzation

"DIVIDE AND CONQUER."An estimate is decomposed into its INDIVIDUAL COMPONENTS, estimates are made at those lower levels, and then the estimates are aggregated (added) back together.

• Semi-detailed estimates
• Detailed estimates
• Per unit model
• Segmenting

The annual interest rate WITHOUT CONSIDERING THE EFFECT of any compounding.

• Nominal interest rate per year, r
• Effective interest rate per year, ia
• Continuous Compounding

GNP stands for

• Gross National Product

This law established the Commonwealthgovernment in the Philippines toprepare is for independence.

• TYDINGS MCDUFFIE LAW OF 1934

Those nonrecurring costs of SHUTTING DOWN THE OPERATION and the retirement and disposal of assets at the end of the life cycle.

• Disposal cost
• Recurring cost
• Nonrecurring cost
• Rough estimates

The ADDITIONAL cost (or revenue) that results from INCREASING the output of a system

• Variable Cost
• Fixed Cost
• Total Cost
• Incremental Cost

An economy which has no trade relation with other countries is called

• closed economy

Which of the following is the best example of "what goods and services should be produced?"

• the use of a capital intensive versus a labor intensive process of manufacturing textiles
• the production of SUVs versus the production of sub-compact cars
• the manufacturing of computer workstations in China or in India
• the leasing versus the purchasing of new capital equipment

If the cash flow DOES NOT BEGIN UNTIL SOME LATER DATE.

• Deferred annuity
• Arithmetic sequence
• Geometric sequence
• Geometric gradient series
• Minimum Attractive Return Rate

For comparison between countries, total income is not such a useful measure. State whether true or false.

• TRUE
• FALSE

The concept of designing products, goods, and services with a FULL AND EXPLICIT RECOGNITION OF THE ASSOCIATED COSTS over the various phases of their life cycles

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Often called the SIMPLE PAYOUT METHOD, mainly indicates a PROJECT'S LIQUIDITY rather than its PROFITABILITY.—Calculates the NUMBER OF YEARS required for CASH INFLOWS to JUST equal CASH OUTFLOWS.

• Capital Recovery
• Internal Rate of Return Method
• External Rate of Return Method
• Payback method

What are the four basic economic questions?

• What to produce, how to produce, how much to produce. for whom to produce

The value of all monetary transactions between a country's economy and the rest of the world.

• Balance of Trade
• Trade Deficit
• Balance of Payments
• Trade Surplus

What category of resources refers to physical infrastructure, machines, etc.

• Land
• Labor/Human Capital
• Capital
• Entrepreneurs

is a market structure where there is only oneindividual or company, controlling the market

• MONOPOLY

Cash flow is modeled through this sequence when a fixed amount of a commodity that INFLATES IN PRICE AT A CONSTANT RATE EACH YEAR.

• Deferred annuity
• Arithmetic sequence
• Geometric sequence
• Geometric gradient series
• Minimum Attractive Return Rate

discusses economic ideas in order of time.The economic ideas of different economists can be presented year wise and can be studied.

• ideal approach
• Conceptual approach
• Chronological approach
• positive approach

occurs ONE INTEREST PERIOD BEFORE the first A (uniform amount)

• P (present equivalent value)
• F (future equivalent value)
• A (annual equivalent value)

In order to achieve the real the real essence of free tradebetween the Philippines and the US, tariffs and quotas wereabolished but still, the law favored the Americans

• UNDERWOOD SIMMONS ACT OF 1913

In economics, human wants are considered to be:

• LIMITED
• UNLIMITED
• DIVERSE
• SCARCE

Define the concept of full employment

Fill in the blanksEconomics is a ____ that studies and seeks to allocate scarce human and non-human resources among their users to satisfy their unlimited wants and needs.

• social science

What type of statement is the sentence below:"The private sector is more reliable in providing quality services than the government."

• Positive
• Normative

A SEGMENTED TIME-BASED HORIZONTAL LINE, divided into time units which visually represent income and expenses over some time interval.

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

CAPITAL REQUIRED for most of the activities in the acquisition phase.

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Which of the following is/are the branches of Economics?

Labor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?

• Outputs
• Substitutes in Production
• Absolute Advantage
• Factors of Production

What category of resources refers to people who turn raw materials into products

• Land
• Labor/Human Capital
• Capital
• Entrepreneurs

An EQUAL ANNUAL SERIES OF DOLLAR AMOUNTS, for a stated study period, that is equivalent to the CASH INFLOWS AND OUTFLOWS at an interest rate that is generally the MARR.

• Present Worth (PW) method
• Capitalized-Worth (CW) method
• Net Present Value (NPV)
• Future Worth (FW) method
• Annual Worth (AW) Method

Managerial economics is best defined as

• the study of economics by managers.
• the study of the aggregate economic activity.
• the study of how managers make decisions about the use of scarce resources.
• All of the above are good definitions.

Cost that has occurred in the PAST and has NO RELEVANCE to estimates of future costs and revenues related to an alternative course of action

• Standard cost
• Cash cost
• Book cost
• Sunk cost

Central Bank is an___________

• APEX BANK

Economics is considered to be a social science because its study includes:

• ENVIRONMENT
• WOMEN ISSUES
• HUMAN BEHAVIOUR
• NONE OF THE ABOVE

established this withthe goal of developing the agricultural sector of the countryand helping the country to be free form Mexico’s help.

• GOV REMULLA
• ADAM SMITH
• General Jose Basco y Vargas
• General Josue Basco y Vargas

The annual interest rate TAKING INTO ACCOUNT THE EFFECT OF ANY COMPOUNDING during the year.

• Nominal interest rate per year, r
• Effective interest rate per year, ia
• Continuous Compounding

Which of the following is a system that is a combination of two or three other systems

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

Uses a "PER UNIT" factor to develop the estimate desired. Developing estimates of the rough or order-of-magnitude type.

• Semi-detailed estimates
• Detailed estimates
• Per unit model
• Segmenting

A critical element of entrepreneurship (as opposed to managerial skills) is

• leadership skills.
• risk taking.
• technology.
• political skills.

Cash flows are constituted through this sequence when some problems involve receipts or expenses that are projected to INCREASE OR DECREASE BY A UNIFORM AMOUNT each period.

• Deferred annuity
• Arithmetic sequence
• Geometric sequence
• Geometric gradient series
• Minimum Attractive Return Rate

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

Proponent ofutilitarianism, an ethicaltheory developed byJeremy Bentham

• TRUE
• FALSE

In the text, the key question in the "economics of a business" is

• whether the need to grow revenues is being met.
• should the firm be in the business in which it is operating.
• whether the firm faces rising labor costs.
• can the firm affect its market share.

Which of the following is the best example of how the question of "what goods and services to produce?" is answered by the command process?

• government subsidies for windmill energy production
• laws regarding equal opportunity in employment
• government allowance for the deduction of interest payments on private mortgages
• government regulations concerning the dumping of hazardous waste

Include many of the recurring annual expense items associated with the OPERATION PHASE of the life cycle.

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Cost efficiency combined with scientific knowledge

• Mankind engineering
• Perfect competition
• Perfect monopoly

FDI stands for

• Foreign domestic Investment
• Foreign Direct Income
• Foreign Dispute Evaluation
• Foreign Direct Investment

Numerical values that REFLECT HISTORICAL CHANGE IN ENGINEERING (and other) costs.

• Cost indexes
• Power sizing models
• Triangulation

From the standpoint of a soft drink company the question of "What goods and services should be produced?" is best represented by which of the following decisions?

• whether or not to hire additional workers
• whether or not to increase its advertising
• whether or not to shut down selected manufacturing facilities
• None of the above are examples.

GDP stands for

• Gross Domestic Product

An ________ is a piece of land given to the loyal servants ofthe King of Spain.

• ENCOMIENDA

Fill in the blanksEconomics is a social science that studies and seeks to allocate ____ human and non-human resources among their users to satisfy their unlimited wants and needs.

• scarce

Ascertains whether the BENEFITS OF A PROJECT (in terms of the PV/PW of the cash inflows) are GREATER THAN, LESS THAN or EQUAL to the costs of a project (in terms of the PV/PW of the cash outflows).

• Present Worth (PW) method
• Capitalized-Worth (CW) method
• Net Present Value (NPV)
• Future Worth (FW) method
• Annual Worth (AW) Method

Which of the following is not considered as a factor of production?

• money
• machinery and equipment
• land
• unskilled labor

occurs at the END OF PERIODS 1 THROUGH N, inclusive.

• P (present equivalent value)
• F (future equivalent value)
• A (annual equivalent value)

Total Revenue =------------ x ----------

• Quantity Price

__________ is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

• Economics

A unique product or service is only available from a SINGLE SUPPLIER and that vendor can PREVENT THE ENTRY of all others into the market.

• Mankind engineering
• Perfect competition
• Perfect monopoly

______ is giving away money or goods for a good cause.

• Donating
• Saving
• Spending
• Market

What category of resources refers to the raw materials itself

• Land
• Labor/Human Capital
• Capital
• Entrepreneurs

PAYMENTS for the RISK the investor takes in permitting another person, or an organization, to use his or her capital.

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

Any expense that is KNOWN AND ANTICIPATED, and that occurs at REGULAR intervals.

• Disposal cost
• Recurring cost
• Nonrecurring cost
• Rough estimates

In case of Negative Income Elasticity, demand curve is------

• bend backward

Whenever the interest charge for any interest period (a year, for example) is based on the REMAINING PRINCIPAL AMOUNT plus any accumulated interest charges up to the beginning of that period.

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

Involve the most TIME AND RESOURCES to develop and thus are much MORE ACCURATE than rough or semi- detailed estimates. (-3 to +5%)

• Semi-detailed estimates
• Detailed estimates
• Per unit model
• Segmenting

Based on the EQUIVALENT WORTH OF ALL CASH INFLOWS AND OUTFLOWS at the end of the PLANNING HORIZON (study period) at an interest rate that is generally the MARR.

• Present Worth (PW) method
• Capitalized-Worth (CW) method
• Net Present Value (NPV)
• Future Worth (FW) method
• Annual Worth (AW) Method

What category of resources refers to skills, education, or experience

• Land
• Labor/Human Capital
• Capital
• Entrepreneurs

FIXED COSTS remain ______ over a wide range of activities, but VARIABLE COSTS ____ in total with the ​volume of output.

• constant, vary

Microeconomics is a branch of economics which deals with the individual decisions of units of the economy- firms and households, and how their choices determine relative prices of goods and factors of production.

• True
• False

Which of the statements below best illustrates the use of the market process in determining the allocation of scarce resources?

• "Let's make this product because this is what we know how to do best."
• "We should consider shifting to products where we can earn even more money."
• "Everyone is opening video stores, why don't we?"
• "We can't stop making this product. This product gave our company its start."

DETERMINING THE PRESENT WORTH (PW) of all revenues or expenses over an INFINITE LENGTH OF TIME.— A convenient basis for COMPARING mutually exclusive alternatives when the period of needed service is INDEFINITELY LONG.

• Present Worth (PW) method
• Capitalized-Worth (CW) method
• Net Present Value (NPV)
• Future Worth (FW) method
• Annual Worth (AW) Method

__Select the group that best represents the basic factors of production.

• land, labor, capital, entrepreneurship
• land, labor, money, management skills
• land, natural resources, labor, capital
• land, labor, capital, technology

Who is the Father of ModernEconomics

• ADAM SMITH

The intent is to QUANTIFY AND CONSIDER the order of MAGNITUDE of the numbers involved.

• Disposal cost
• Recurring cost
• Nonrecurring cost
• Rough estimates

What type of statement is the sentence below:"There should be government regulation to curb the formation of exploitative private monopolies in business"

• Positive
• Normative

Listen this audio clip and Identify the Person in Audio clip.

• Amit Shah
• Narender Modi
• Ram Bilas Sharma
• Anil Vij

Which of the following is a system where decisions are based on tradition and practices

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

When the quantity demanded remains the same whatever be the change then Price elasticity is

• Perfectly Elastic
• Perfectly Inelastic
• Relatively Elastic
• Relatively Inelastic

A good that is sent to another country for sale

• export
• import
• quota
• subsidy

Which of the following is the best example of "how goods and services should be produced?"

• complying with the technical specifications in the production of an aircraft
• the production of jet aircraft for the air force or for a commercial airline
• the use of additional workers versus the use of machines in the production of goods
• the production of a new manufacturing facility

_________ the part of economics concerned with single factors and the effects of individual decisions.

• Microeconomics

Those UNAFFECTED BY CHANGES in activity level over a feasible range of operations for the capacity or capability available

• Variable Cost
• Fixed Cost
• Total Cost
• Incremental Cost

SUMMATION OF ALL THE COSTS related to a product, structure, system, or service during its LIFE SPAN.

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Household income increases by 200% in the last decade

• Macroeconomics
• Microeconomics

Approaching economic estimate from DIFFERENT PERSPECTIVES because such varied perspectives add richness, confidence, and quality to the estimate.

• Cost indexes
• Power sizing models
• Triangulation

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

• Free Trade
• Embargos
• Trade Barriers
• Foreign Exchange Rate

Study on economic interdependence between countries and its effects on economies is known as

• International Economics
• Business Economics
• Gender economics
• none of the above

"------------------ of demand is the proportional change of amount purchased in response to small change in price."

• Elasticity

DOES NOT INVOLVE A CASH TRANSACTION and is reflected in the accounting system

• Standard cost
• Cash cost
• Book cost
• Sunk cost

who is the father of economics?

• Ricardo
• marshal
• Adam smith
• J B Say

Estimate the COSTS OF INDUSTRIAL PLANTS AND EQUIPMENT; scales "UP" or "DOWN"

• Cost indexes
• Power sizing models
• Triangulation

An operation that VARIES in total with the quantity of output or other measures of activity level

• Variable Cost
• Fixed Cost
• Total Cost
• Incremental Cost

identify this personality

• Sushma Swaraj
• Mamta Benerji
• Samriti irani
• Nirmala Sitaraman

Businesses begin offerring incentives to senior citizen interns

• Macroeconomics
• Microeconomics

John Stuart Mill (1844): defines the subject in a social context as:The science which traces the laws of phenomena of society as it arise from the combined operations of mankind for the production of wealth, so far as those phenomena are not modified by the pursuit ofany other subject.

• TRUE
• FALSE

Used for BUDGETING PURPOSES at a project's conceptual or PRELIMINARY DESIGN STAGES. (-15 to +20%)

• Semi-detailed estimates
• Detailed estimates
• Per unit model
• Segmenting

The SUM of the total fixed cost and total variable cost

• Variable Cost
• Fixed Cost
• Total Cost
• Incremental Cost

The SYSTEMATIC evaluation of the ECONOMIC MERITS of proposed solutions to engineering problems

__________ is a branch of economics which deals with the application of various concepts, theories, methodologies of economics to solve practical problems in business management.

• Managerial Economics

WEALTH in the form of MONEY OR PROPERTY that can be used to produce more wealth.

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

Which of these examples is a service?

• Mr. Farr sells guitars.
• Mr. Swenson gives art supplies to consumers.
• Coach provides lessons for different sports.
• Ms. Miller writes books.

A government decides to raise taxes on big business, and in doing so results in an exodus of conglomerates from the country

• Macroeconomics
• Microeconomics

If two goods are complementary to each other, cross elasticity demand is said to be "-------------"

• Positive
• Neutral
• Negative
• Unitary

Estimates made from DETAILED QUANTITATIVE MODELS, blueprints, product specification sheets, and vendor quotes.

• Semi-detailed estimates
• Detailed estimates
• Per unit model
• Segmenting

ADAM SMITH defines Economic thought as the sum total of all the opinions and desires concerningeconomic subjects especially with public policies of different times and places.

• TRUE
• FALSE

Gross Domestic Product is an increase in the average level of prices.

• True
• False

Rev. Thomas Malthus wrote inopposition to the popularview in 18th-century

• TRUE
• FALSE

Which of the following is a system that consists of an authoritative central planning by the government

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

The duration of the interest period decreases from some finite duration △t to an INFINITELY small duration dt, and the number of interest periods per year becomes INFINITE.

• Nominal interest rate per year, r
• Effective interest rate per year, ia
• Continuous Compounding

The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?

• market structure
• resource scarcity
• product demand
• technology

LOSS in value of the ASSET. INTEREST on invested CAPITAL.

• Capital Recovery
• Internal Rate of Return Method
• External Rate of Return Method
• Payback method

Managerial economics is best defined as the economic study of

• how businesses can make the most profits.
• how businesses can decide on the best use of scarce resources.
• how businesses can operate at the lowest costs.
• how businesses can sell the most products.

The introduction of the first steam machinefor hulling rice by ________

• EULOGIO DE OTADUY

What do you mean by a mixed economy?

Government borrowing has resulted to inflation rising to 10%

• Macroeconomics
• Microeconomics

Costs that can be reasonably measured and allocated to a SPECIFIC output or work activity

• Marginal cost
• Average cost
• Direct cost
• Indirect cost

When was NITI Aayog established?

Reflect relative PRICE CHANGE.

• Cost indexes
• Power sizing models
• Triangulation

Who propounded the concept of Investment Multiplier?

• J M Keynes

________ the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

• Macroeconomics

Has coronavirus effected the lives of students?

The best definition of economics is

• how choices are made under conditions of scarcity.
• how money is used.
• how goods and services are produced.
• how businesses maximize profits.

The BENEFIT THAT IS FOREGONE by engaging a business resource in a chosen activity instead of engaging that same resource in the foregone activity.

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Solves for the interest rate that EQUATES the equivalent worth of an ALTERNATIVE'S CASH INFLOWS (receipts or savings) to the EQUIVALENT WORTH OF CASH OUTFLOWS (expenditures, including investment costs).

• Capital Recovery
• Internal Rate of Return Method
• External Rate of Return Method
• Payback method

Japan: Mixed EconomyCuba: ___ Economy

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

Formula to find NDP(Net Domestic Product) is_______

• GDP-Income from abroad
• GDP+Income from abroad
• GNP-Depreciation
• GDP-Depreciation

What does “Capitalism” refer to?

• The use of market
• Government ownership of capital
• Private ownership of capital goods
• Private ownership of homes and cars

Revenue is the total monetary value of the goods or services sold.

• True
• False

Importance of the study of International economics_Select the wrong one

• Optimum use of resources
• Growth and development
• Greater choice for consumers
• Currency minting

Market situation where there is single seller. There is no close substitute and no free entry and exist. is refer as

• Perfect Competition
• Monopoly
• Oligopoly
• Monopolistic Competition

Total cost DIVIDED BY the number of units

• Marginal cost
• Average cost
• Direct cost
• Indirect cost

Because of the use of limited resources, such that the OPPORTUNITY TO USE THOSE RESOURCES to monetary advantage in an alternative use is FOREGONE.

• Opportunity cost
• Life-cycle cost
• Investment cost
• Operation and maintenance cost

Inflation is a monetary measure of the market value of all the final goods and services produced in a specific time period.

• True
• False

A regional trade organization made up of European nations

• NAFTA
• EU
• ASEAN
• CARICOM

Which of the following is a system that is based off of consumer decisions where prices reflect consumer preference

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

Most important of his contribution was thelaw of comparativeadvantage, afundamental argumentin favor of free tradeamong countries and ofspecialization amongindividuals

• DAVID JOHN
• DAVID RICARDO
• RICARDO
• DAVID MALTHUS

Macroeconomics is the branch of economics that studies the relationship among broad economic aggregates like national income, national output, money supply, bank deposits, total volumes of savings, investment, consumption expenditure, general price level of commodities, government spending, inflation, recession, employment, and money supply.

• True
• False

This was first adopted by Greek philosopher, Plato. In the past economicswas considered as a handmade of ethics. Naturally philosophical approach was adopted by the veryearly writers/thinkers to discuss economic ideas.

• philosophical approach
• neo classical approach
• keynes
• welfare approach

The total interest earned or charged is LINEARLY PROPORTIONAL to the initial amount of the loan (principal), the interest rate, and the number of interest periods for which the principal is committed.I = P x I x N or I = P(rincipal) x R(ate) x T(ime)

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

WHO IS THE 16TH PRESIDENT OF THE PHILIPPINES?

• RODRIGO DUTERTE

BARANGAY comes from the Malay word _____ whichmeans “sail boat”.

• BALANGAY

Globalisation means

• no trade restriction in the entire globe
• trade between India and USA
• Multinational Company
• Foreign Aid

A situation in which any given product is supplied by a LARGE NUMBER OF VENDORS and there is NO RESTRICTION on additional suppliers entering the market.

• Mankind engineering
• Perfect competition
• Perfect monopoly

Which of the four are NOT one of the four categories of resources

• Land
• Labor/Human Capital
• Capital
• Business

The landowners lived in a kinship headed by a DATU or a chiefwithin a community called _______

• BARANGAY

Also called the HURDLE RATE, this is the MINIMUM REQUIRED INTEREST RATE for invested money.

• Deferred annuity
• Arithmetic sequence
• Geometric sequence
• Geometric gradient series
• Minimum Attractive Return Rate

Directly takes into account the INTEREST RATE (E) EXTERNAL TO A PROJECT at which NET CASH FLOWS GENERATED (or required) by the project over its life CAN BE REINVESTED (or borrowed).

• Capital Recovery
• Internal Rate of Return Method
• External Rate of Return Method
• Payback method

For comparing the development of countries, their _______ is considered to be one of the most important attributes.

• INCOME

NicholasLoney had helped in the production of rice andsugar

• TRUE
• FALSE

Demand Forecasting is base for estimating sales, production, overhead budgets.

• True
• False

PLANNED costs per unit of output that are ESTABLISHED IN ADVANCE of actual production or service delivery

• Standard cost
• Cash cost
• Book cost
• Sunk cost

deals with different thinkers and theories in the subject that became politicaleconomy and later economics, from the ancient world to the present day. It encompasses many differentschools of economic thought.

• economic history
• History of economic thought
• economics
• history of Philippines

It was the first trade act which opened our ports to theUnited States in 1909.

• PAYNE ALDRICH ACT OF 1909

Determinants of Elasticity of Demand

Variable cost for ONE MORE UNIT; both increase or decrease in output

• Marginal cost
• Average cost
• Direct cost
• Indirect cost

The value of a nations currency in relation to a foreign currency.

• Equilibrium Rate
• Export Rate
• Exchange Rate
• Import Rate

ONE-OF-A-KIND expenses that occur at IRREGULAR intervals and thus are sometimes difficult to plan or anticipate from a budgeting perspective.

• Disposal cost
• Recurring cost
• Nonrecurring cost
• Rough estimates

Whenever the interest charge for any interest period (a year, for example) is based on the REMAINING PRINCIPAL AMOUNT plus any accumulated interest charges up to the beginning of that period.A = P (1 + r/n)nt

• Cash flow diagram
• Capital
• Interest and profit
• Simple interest
• Compound interest

occurs at the SAME TIME AS THE LAST A, and N periods after P

• P (present equivalent value)
• F (future equivalent value)
• A (annual equivalent value)

What is Open market operations?

• Buying and selling of currency by the central bank
• Buying and selling of securities by the central banks
• Buying and selling of securities by the commercial banks
• Buying and selling of foreign exchange by the central bank

Expert Opinion method is also known as

• Delphi Method
• Marshall Method
• Tausing Method

Fill in the blanksEconomics is a social science that studies and seeks to ____ scarce human and non-human resources among their users to satisfy their unlimited wants and needs.

• allocate

A government payment that supports a business or market.

• Tariff
• Standards
• Embargo
• Subsidy

the main benefits of free trade include

• peace , better choice , prices and quality
• less imports because they cant penetrate strong markets
• the sharing of the world s resources
• greater benefits for less developed economies as they can trade more